Help clients plan their weddings

It’s easy for couples to get caught up in planning the big day, but as their advisor, you must keep them on the right financial track. Also, make sure both are prepared to work on that plan.

By Martha Porado | July 13, 2012 | Last updated on July 13, 2012
2 min read

  • Communication

    Both parties must be open about their finances before and after the wedding. If you only advise one of them, insist on meeting the other to make sure they’re equally financially literate.

    Read: Help clients save for their marriage

  • Contemplation

    Once couples have taken inventory of their assets, help them decide how to move forward. Ask these four questions:

    • What will be considered independent property and what will become joint property?
    • Which assets should be liquidated?
    • Are they comfortable creating pre-nups?
    • How are they going to pay for the wedding?

    Read: Should clients go into debt to pay for a wedding?

  • Preserving financial independence

    As the wedding approaches, couples may find it hard to imagine a future where they aren’t together. But, you must stress the importance of each spouse remaining financially independent to some degree.

    While they will likely buy their homes together, there’s no reason they shouldn’t have separate bank accounts and lines of credit. They should also do their own taxes. Both clients should attend advisory meetings so they fully understand their joint and separate finances, as well as how things would be affected should one of them die.

    Read: Retirement planning critical for women

Martha Porado

It’s wedding season, and some of your clients will be tying the knot.

It’s easy for couples to get caught up in planning the big day, but as their advisor, you must keep them on the right financial track. Also, make sure both are prepared to work on that plan.

So, instruct clients on these three points:

  • Communication

    Both parties must be open about their finances before and after the wedding. If you only advise one of them, insist on meeting the other to make sure they’re equally financially literate.

    Read: Help clients save for their marriage

  • Contemplation

    Once couples have taken inventory of their assets, help them decide how to move forward. Ask these four questions:

    • What will be considered independent property and what will become joint property?
    • Which assets should be liquidated?
    • Are they comfortable creating pre-nups?
    • How are they going to pay for the wedding?

    Read: Should clients go into debt to pay for a wedding?

  • Preserving financial independence

    As the wedding approaches, couples may find it hard to imagine a future where they aren’t together. But, you must stress the importance of each spouse remaining financially independent to some degree.

    While they will likely buy their homes together, there’s no reason they shouldn’t have separate bank accounts and lines of credit. They should also do their own taxes. Both clients should attend advisory meetings so they fully understand their joint and separate finances, as well as how things would be affected should one of them die.

    Read: Retirement planning critical for women

It’s wedding season, and some of your clients will be tying the knot.

It’s easy for couples to get caught up in planning the big day, but as their advisor, you must keep them on the right financial track. Also, make sure both are prepared to work on that plan.

So, instruct clients on these three points:

  • Communication

    Both parties must be open about their finances before and after the wedding. If you only advise one of them, insist on meeting the other to make sure they’re equally financially literate.

    Read: Help clients save for their marriage

  • Contemplation

    Once couples have taken inventory of their assets, help them decide how to move forward. Ask these four questions:

    • What will be considered independent property and what will become joint property?
    • Which assets should be liquidated?
    • Are they comfortable creating pre-nups?
    • How are they going to pay for the wedding?

    Read: Should clients go into debt to pay for a wedding?

  • Preserving financial independence

    As the wedding approaches, couples may find it hard to imagine a future where they aren’t together. But, you must stress the importance of each spouse remaining financially independent to some degree.

    While they will likely buy their homes together, there’s no reason they shouldn’t have separate bank accounts and lines of credit. They should also do their own taxes. Both clients should attend advisory meetings so they fully understand their joint and separate finances, as well as how things would be affected should one of them die.

    Read: Retirement planning critical for women